In each enterprise, the accounting position plays a critical role. Each accounting profession will take on different jobs and specialties. One of the most crucial accounting professions is accounts payable. So what is accounts payable? What does the work of an accounts payable clerk in a business include? Let's find them out below with Navigos Search to better understand.
1. Overview of the payable accounts position
Definition
Account payable is the department performing jobs related to receipts and expenditures in the company. These transactions are done through wire transfer or cash. Account payable clerks also perform other tasks such as monitoring, synthesizing, and accounting for arising economic transactions related to payment and economic and financial operations inside and outside the enterprise. In short, in the business activities of enterprises, the account payable position will do the work related to money that needs to be paid.
What is accounts payable?
Duties
Specific duties of a accounts payable in an enterprise include:
Manage revenues
- Collect money from internal and external entities such as shareholders and the cashier department daily, collect debts from customers, and other internal revenues.
- Track bank deposits
- Keep track of the process of payment via the customer's card
- Monitor debts and urge debt recovery of shareholders, investors, customers, and employees
- Strictly manage the documents related to the business's revenue
- Implement an accounting related to the business's revenues.
Manage expenditures
- Make a plan to pay debts weekly and monthly for suppliers. It is necessary to actively contact the supplier immediately if the payment plan is not guaranteed.
- Perform payment operations in cash or bank deposit for suppliers, including debt reconciliation, consideration of payment requests, receipt of invoices, and making vouchers.
- Perform internal payment operations such as salary payment, advance payment, payment for external purchases, bonuses, and allowances for employees.
- Strictly manage the documents related to the expenditures of the enterprise.
Monitor cash fund management
- Coordinate with the cashier department in the enterprise to perform the revenue and expenditure operations under regulations.
- Reconcile and check the stock at the end of each day with the cashier.
- Monitor and make periodical reports of inventory for superiors (some businesses may be required to report daily)
Performed other duties
- Monitor and report unclear revenues and expenditures to superiors
- Participate in departmental meetings and professional training courses.
- Print vouchers and books and perform some other tasks at the request of superiors.
2. What challenges does an accounts payable clerk face?
Any job has its difficulties and challenges, and accounts payable is no exception. So what are the challenges?
Heavy workload and high pressure
Accountants in general and accounts payable in particular always have to work on a pile of papers. In addition, they must perform other unnamed tasks assigned by their superiors, making the workload heavy and creating high pressure. In particular, the busiest time is the end of the month, quarter, year, tax season, or audit season. At this time, they must consolidate all the papers, books, and invoices, prepare financial statements and make presentations.
Accounts payable clerks face heaps of difficulties and challenges
Therefore, the situation of working overtime, coming home late, or even bringing work home happens regularly. In addition, due to the nature of the work requiring meticulousness and high accuracy, the accounts payable is always in a state of bothering and straining their eyes. In addition, complying with too strict regulations will make them easily feel stress and fatigue, causing a high rate of candidates to quit and change jobs.
Constantly updating new legal documents and regulations
Accounting work always comes with legal regulations. Therefore, accounts payable clerks always have to regularly update new circulars, legal documents, and regulations to avoid legal violations. However, the application of accounting standards in practice in our country is still facing many difficulties due to limitations of the legal system, qualifications, and capacity of accountants.
High competitiveness
Many colleges, universities, and vocational training centers provide training in finance and accounting in Vietnam. It means hundreds of thousands of students graduate with accounting majors each year. The larger the number of accounting bachelors, the more limited the job opportunities will be. Therefore, the competition rate is incredibly high for graduates or those who are looking for work. If you do not equip yourself with the knowledge and skills, the possibility of being eliminated from this industry environment is high.
Low salary
If you are looking for an accounts payable job but do not have much practical experience, your salary may be low. The starting salary of this position is usually not high because you will be assigned to do simple tasks such as writing invoices, receipts, or other administrative tasks when you first come to work.
3. How to become a brilliant accounts payable candidate
To become a brilliant accounts payable candidate, you must:
Master the accounting profession
To apply for an accounts payable position in Hanoi or anywhere, you must first have the required qualifications and accounting skills. These are necessary skills of accountants in general and account payable in particular and a regulation issued by Vietnam's Accounting Law.
How to become a brilliant accounts payable candidate
The professional capacity of the accounts payable clerk is assessed through reporting and accounting skills; financial analysis and statistics skills; report presentation skills; and corporate financial management skills.
Be proficient in the use of computers and specialized accounting software
All businesses require accounting candidates to be proficient in using computers and knowledgeable in office information, and the accounts payable position is no exception.
With industrialization and modernization, office computer skills are vital for today's professions. You will have to use a lot of software, Excel spreadsheets or Word documents to make statistics of transactions and plan for accounting. If you do not master this skill, it will take you a lot of time to complete the job, and the work efficiency will not be as expected as well.
Have good communication skills
The specificity of the accounting profession requires a combination of banking, cashier, and cashier. Therefore, good communication skills and the ability to behave skillfully will significantly assist your work. In addition, the person undertaking this position must regularly report and present the business's financial situation with reports and various figures to superiors.
In general, communication skills are an essential factor for you to create sympathy and trust for your colleagues and customers.
Feature great thinking skills
The job of an accounts payable requires the ability to analyze, synthesize and process data quickly and accurately. Therefore, a person working as an accounts payable clerk must have good thinking ability to have higher growth potential in the profession.
Improve qualities
In addition to the basic skills requirements, when recruiting an accounting payable, employers also require some quality requirements in candidates. They are honesty, caution, a high sense of responsibility at work, good health, dynamism at work, agility, ability to work well under pressure, confidence, enthusiasm, and ability to cooperate and work well in a team.
4. Increasing your chances of finding attractive accounts payable jobs through Navigos Search
For the accounts payable position, you can work at agencies and departments under the government's branches such as the tax department or investment planning department. In addition, private enterprises also need to recruit for this position. You can visit Navigossearch.com website to find an accounts payable job for continuous updates on this position.
As the leading middle and senior-level personnel recruitment site in Vietnam, Navigos Search constantly updates daily accounting jobs and many other attractive jobs. You only need to send us your CV. Based on your capacity, experience, and labor market situation, our consultants, with high expertise and extensive experience, will contact you when there is a suitable job.
Navigos Search - A place for dream job opportunities
Over 20 years in personnel recruitment, Navigos Search has brought job seekers nationwide millions of high-quality middle and high-quality jobs at large enterprises and corporations. Accounts payable jobs and many other hot positions with high salaries and numerous career opportunities are waiting for you at Navigos Search. Don't hesitate to contact us to receive top-notch services and increase your chances of getting your dream job!
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